REUTERS: U.S. casino operators Eldorado Resorts Inc and Caesars Entertainment Corp are in the early stages of exploring a merger, people familiar with the matter said on Sunday.
Eldorado has yet to make a binding offer for Caesars, and there is no certainty any bid will materialize or that a deal will be successfully negotiated, the sources added, asking not to be identified because the matter is confidential. "The universe of buyers is limited, and Eldorado is best suited to extract full value from Caesars' assets in our view," Roch Capital Partners analysts wrote in a March 6 research note.
Last year, Caesars rejected a merger approach by Tilman Fertitta, the billionaire owner of Golden Nugget casinos. That deal would essentially have been structured as an acquisition by Caesars given its larger size. Fertitta has not submitted any new offer for Caesars this year, according to the sources.
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